New Delhi, May 20 -- The central government is likely to bring an amendment in the Insolvency and Bankruptcy Code (IBC) in the upcoming monsoon session of Parliament, sources told ANI.

The amendment in Section 31(4) of the Insolvency and Bankruptcy Code (IBC) will be made. This particular section mandates prior approval from the CCI for any resolution plan.

Sources said the amendment in IBC will reduce the load on the Competition Commission of India (CCI).

Once the new amendment is adopted, approval from CCI would not be needed for a company planning resolution under the IBC route, they added.

The plan to amend the IBC comes in the wake of Supreme Court's latest observation during the hearing of the resolution plan of AGI Greenpac.

T...